Ethereum Co-Founder Mihai Alisie Worried About Libra’s Centralisation
By Tyler Smith – Cryptocurrency Expert
Mihai Alisie, one of Ethereum’s founders, is greatly concerned that Facebook is trying to trick investors into approving a centralised “cryptocurrency,” according to a July 12th report by Bloomberg.
In his interview with Bloomberg, Alisie said that Facebook is trying to get approval for its upcoming cryptocurrency Libra, which won’t be centrally controlled by the social media giant, or other business firms in five years time.
Alisie further stated that Facebook is attempting:
“to mislead the regulators who have learned in the last few years that blockchain is not something that can easily be regulated” and believes they as an entity and their plans should be treated as an attempt to create a centralised currency.
One of the main consequences that has Alisie worried is transaction censorship that is determined by leading corporations. The foundation that governs Libra would be able to decide whether certain transactions, possibly to sell crypto could be censored from the public ledger.
Also in his interview, Alisie said that if a Libra user loses their support with one of the main big firms that run network nodes, like Mastercard, PayPal or Visa, then their transactions could either be blocked or perhaps even reversed. This would suggest this network may not be as free as believed to buy and sell cryptocurrency.
Alisie asked rhetorically, “should they be in a position to control what you post from your device?" Alisie is under the assumption that if Libra’s developed as a centralised cryptocurrency service, the potential censorship that may come of it could have various consequences.
The introduction of Libra could impact more areas than many feel comfortable. Buying crypto native to the Libra chain would have economic, political, technological impacts as well as effects on surveillance and data privacy. Facebook has recently been under fire due to negligence regarding data privacy.
Don’t forget to check out our platform to sell crypto UK or cash out Bitcoin to GBP
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards